(Bloomberg) -- Jennifer Morgan, who leads the army of operators who keep Blackstone Inc.’s business empire running, is leaving to become chief executive officer at human resources software firm UKG Inc.
In recent days, Blackstone executives told some employees that Morgan will step down from her role as global head of portfolio operations at the $1 trillion private equity firm. The firm shared the news more broadly with staff in a memo Monday.
Morgan, 53, has steered a group of Blackstone operating executives and advisers who fine-tuned the workings of the roughly 230 portfolio companies the firm owns.
The job involves a range of tasks such as recruiting new C-suite executives and overhauling brands and old technology — a reminder of how private equity firms have morphed from dealmaking shops to organizations that dispatch executives to shape their businesses and boost profit margins.
Morgan, who was previously co-CEO for SAP, isn’t going far.
UKG is Blackstone’s biggest private equity investment, with a valuation of more than $30 billion. The business, also backed by rival Hellman & Friedman, was formed from the merger of two companies behind payroll and workforce tools — Kronos Inc. and Ultimate Software. Morgan takes over the top job from Chris Todd.
Since joining Blackstone four years ago, she expanded the portfolio operations team and pushed more brand, sales and data sciences initiatives for portfolio companies. In the past year, a brand strategy team grown under her spun out to become an independent agency.
In the memo, Blackstone CEO Steve Schwarzman and President Jon Gray said Morgan “has done a tremendous job taking our portfolio operations business to the next level.” The group is a “priority,” they said, and Blackstone will keep making “significant investments” in portfolio operations.
Robin Goodman, chief operating officer of portfolio operations, will lead the group while Blackstone searches for Morgan’s successor, according to the memo.
Morgan has also held board seats at online dating app Bumble and Candle Media, the entertainment house that owns Reese Witherspoon’s Hello Sunshine.
(Updates with name of outgoing UKG CEO in sixth paragraph)
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